Central planners in the USSR were probably lauded by some subset of the citizenship, too. Doesn't mean it wasn't a sham.
Im not claiming that centralized Fed is perfectly wise, nor we should be subservient too it. But I also don’t want to live in a non-government state with no financial system.. an example that comes to mind is Somalia.
When that choice is before the American people, we'll be sure to turn to your perspective, but it's entirely irrelevant to the topic at hand, which is that the fed caused a problem they have yet to fix and they're not even now taking the steps necessary to fix it. We have a word now that exemplifies the ridiculous policymaking perspective that led the last year of bad decisionmaking: transitory inflation. That concept was laughable.
This is hyperbole. The Fed, by and large, held the American economy together through the financial crisis and more remarkably the pandemic. Until now, neither of those produced meaningful levels of inflation. To say "their credibility is on the line" is to disagree with a multi-trillion dollar bond market taking the Fed's every word very much seriously.
> the same Dallas Fed chairman
This is the Dallas Fed's leadership [1]. None of them authored this article, certainly not the (interim) president, Meredith Black. If you want the dry stuff, what the Fed is actually saying versus its individual researchers, consult the beige book [2][3].
[1] https://www.dallasfed.org/fed/leadership.aspx
[2] https://www.federalreserve.gov/monetarypolicy/beige-book-def...
[3] https://www.federalreserve.gov/monetarypolicy/files/BeigeBoo... March 2